Company Ordered to Pay £22.9 Million by U.K. Financial Regulator

LONDON—The U.K. financial regulator on Friday fined a unit of State Street Corp. £22.9 million ($37.7 million) for overcharging clients.

The Financial Conduct Authority said that between 2010 and 2011 State Street's U.K. transition management business charged large markups and undisclosed commissions when helping restructure the investment portfolios of six clients. The six clients were overcharged a total of $20.2 million, the FCA...